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Ethereum continued its record run Monday, once again hitting an all-time high of $3,204, but the CEO of one financial advisory firm says he believes the crypto will top $5,000 within the next week.
Nigel Green, CEO and founder of deVere Group, saysEthereum’stime has come—and the digital currency is well positioned to increase its market share.
“Ether is one of the main beneficiaries in the wider explosion in the cryptocurrency market,” he said. “The boom over recent months has been fueled by soaring interest from major institutional investors and growing recognition that borderless digital currencies are the future of money. This momentum is likely to build further in the near-term and I believe Ether will hit $5,000 within seven days.”
Ethereum, the world’ssecond largest cryptocurrency, is up more than 321% year to date, compared to a 98% increase in the price of Bitcoin, but it hasn’t captured quite the same zeitgeist among investors.
Green argues it’s a more scalable currency and has a superior blockchain technology.
Ethereum has been on an upswing for several days after the European Investment Bank issued its first-ever digital bond sale on the Ethereum blockchain network. Bloomberg reported the sale will be led byGoldman Sachs, Banco Santander, andSociete Generale.
The supply of Ethereum has also been dropping amid increased demand and businesses have been investing in startups that revolve around Ethereum, including such big names asMastercard, UBS, and JPMorgan. A $1,000investment in Ether in 2015 would be worthover $4.7 million today.
“Ethereum is already years ahead of Bitcoin in everything but price and fame,” said Green. “There’s a real sense that 2021 is the year for Ether. Its time has come.”